Wednesday, January 11, 2012

It's Also So Confusing

And of course you have to fill out a 17 page claim form in order for us to consider thinking about maybe possibly if you're lucky considering trying to find out if the money in your customer account is still there.

So far, the trustee liquidating MF Global's brokerage has arranged for customers to be reunited with about 72% of their funds. Now customers are in a new stage of recovery for the rest, slogging through what some describe as an unduly arduous claims process. The trustee has estimated that $1.2 billion in customer funds remains missing.

The customers' main complaints: a 17-page claims form that some say is vague and doesn't fully reflect the nuances of futures and derivatives markets. Some also are frustrated that a process they hoped would swiftly return their money hasn't.

I've been a bit curious how this would play out, whether DEMOCRAT SCANDAL (golden!) or WALL STREET SCANDAL (shhhhhh) would win. Mostly it's been the latter.

Maybe if Dana Milbank had a couple bucks in an MF Global account he'd write a mildly perturbed article about it before getting back to the usual business.